At recent conferences I’ve attended, including here in Atlanta at the Loan Vision Innovation Conference, talk of federal government partisanship, posturing, and shutdowns has crept into discussions. Lenders would definitely be impacted, and this month’s STRATMOR piece is titled, “No Lender Wants a Government Shutdown, but Just in Case…”. Accurately measuring and monitoring business and trends is always a focus, and interestingly, the number of foreign buyers buying homes in the U.S. has risen. Speaking of which, in the real estate world, brokerage giant Compass is set to become the largest residential real estate firm in the world after announcing a deal to acquire major rival Anywhere for $1.6 billion. Compass, which also operates Christie’s, will take control of Anywhere's subsidiary brands, including Century 21, Sotheby’s, and Coldwell Banker. The all-stock deal values the combined companies at roughly $10 billion and will create what is by far the largest residential real estate brokerage in the world. One industry vet wrote to me saying, “If one company owned 67 percent of all the fuel oil in the U.S., or a bank controlled 67 percent of all deposits, I’m guessing the DOJ might ask questions, right?” (Today’s podcast can be found here and this week’s podcasts are sponsored by BeSmartee, the most innovative mortgage technology platform for banks, credit unions, and non-bank mortgage lenders. Hear an interview with FutureWave Finance’s Steve Thomas on the capital markets landscape, focusing on mortgage rate dynamics, policy transmission, shifting market share between CFIs and non-banks, and the impact of demographic trends amid a pause in product innovation.)

Services, Products, Software, and Tools for Lenders and Brokers

With interest rates lowering, more borrowers will be looking to secure a home equity, refinance, or new purchase loan. A well-executed recapture program can help drive opportunities and create lifetime customer value. Developing a recapture strategy can be challenging, but you can optimize these efforts by using data to uncover opportunities within your portfolio, then applying those insights through configurable customer engagement tools. This data-driven approach delivers the right offers, through the right channels, at the right times to your customers. Then you will be set up for success with your customers feeling understood, appreciated and more likely to come to you for their next loan. Read the blog from ICE to learn the three things to consider when building your recapture roadmap.

“Compliance isn’t an afterthought… It’s the foundation of everything we do. At Servbank, our three lines of defense ensure every regulatory requirement is met with precision, giving you peace of mind and the surety you deserve. Learn how our commitment to compliance sets us apart.”

PlainsCapital Bank National Warehouse Lending, a subsidiary of Hilltop Holdings (NYSE: HTH), is committed to providing mortgage lenders with a sustainable funding source in an uncertain market. With over 30 years’ experience, a well-capitalized, diversified financial holding company, PlainsCapital Bank National Warehouse Lending provides confidence to meet our mortgage lending partners funding needs. With exceptional operational performance, and a focus on relationship-driven business geared towards long-term success, we do not dwell on unnecessary fees. With PlainsCapital Bank National Warehouse Lending there are NO non-usage fees, NO application or renewal fees, NO third party due diligence fees or Third Party Doc Custodians and NO interest charged on the day of loan settlement. If you are interested in learning more about PlainsCapital Bank National Warehouse Lending please contact Deric Barnett, deric.barnett@plainscapital.com (469)955-6786.

Financial institutions face enormous pressure to “do something with AI,” fast. But rushing into generic tools or bolted-on bots often leads to wasted spend, poor adoption, and increased compliance risk. The real opportunity lies in purpose-built, deeply integrated AI that functions as a true teammate, not a flashy add-on. Total Expert’s AI Sales Assistant embodies this shift: engaging leads with human-like conversations, surfacing high-value opportunities, and scaling outreach, all while staying brand-safe and compliance-aware. This isn’t hype. It’s AI designed specifically for financial services, built to integrate with core systems and deliver tangible business outcomes. Discover how embedded AI solutions can help lenders scale smarter, engage meaningfully, and turn data into action in our latest blog: Delivering AI Solutions that Drive Real Value in Financial Services.

“If you used OnCourse or one of ‘the other guys’ for continuing education last year, don't make the same mistake twice! We're so confident you'll stick with Diehl that we'll give you 50 percent off all your 2025 NMLS continuing education. Built by mortgage professionals with decades of experience in lending compliance and daily operations, our real-world knowledge makes us exceptional educators who create fast, affordable, and way less terrible CE you'll maybe actually want to take. Simply fill out the form, and BAM, you're in!”

Mortgage lending is about speed, service, and trust. Blue Sage’s new AI Sales Agent makes it easier than ever to deliver on all three. This intelligent assistant is built directly into the Blue Sage Digital Lending Platform, giving loan officers the ability to instantly respond to borrower needs with natural voice or text commands. Whether it’s running payment scenarios, retrieving loan details, or sending an email confirmation, the AI Sales Agent delivers accurate answers in seconds. Early adopters are already seeing faster turnaround, fewer missed opportunities, and improved customer satisfaction. Don’t let your team get stuck in yesterday’s workflows. Experience the AI-driven future of mortgage sales. Schedule a demo today.

The Chrisman Marketplace is a centralized hub for vendors and service providers across the mortgage industry to be viewed by lenders in a very cost-effective manner. We’re adding new providers daily, so check back often to see what’s new. To reserve your place or learn more, contact us at info@chrismancommentary.com.

Correspondent and Broker Products and News

“The wait is over. Spring EQ has lowered FIXLINE (fixed-rate HELOC) rates by 40 bps across all buckets. That means more opportunities for you and your customers to lock in predictable payments at some of the most competitive rates we’ve seen recently. Pair that with today’s record-high home equity and it’s clear this is the moment to revisit your pipeline and reconnect with customers who may have been sitting on the sidelines. Whether they’re consolidating debt, funding home improvements, or covering major life expenses, FIXLINE gives them a simple, fixed-payment solution that delivers both speed and peace of mind. At Spring EQ, we’re here to help you grow. With fast approvals, flexible terms, and the tools you need to manage your business, you’ll be ready to drive more earnings. Ready to get started? Visit EMMA, to price, process, and manage your loans today! Not a partner? Join us.”

Effective for all Conventional Loans purchased by AmeriHome on and after October 1, 2025, AmeriHome is transitioning its sub-servicing provider from Shellpoint to ServiceMac. ServiceMac will now provide private label servicing in AmeriHome’s name for all loan products. View Servicing Announcement 20250903-CL for details.

Say goodbye to traditional written WVOEs using an accountant. JMAC's New Limited Docs Non-QM lets borrowers qualify using a Streamline WVOE.

Market-Based Approaches to Affordability

Natural disasters are escalating, driving up costs and straining housing affordability. Erin Dee, Chief Operating Officer at InterLinc Mortgage, explores why increasing regulatory restrictions won’t solve consumer challenges and instead highlights market-based approaches that can benefit both industries and homeowners. Drawing on insights from the TMBA and APCIA Resiliency Roundtable, this white paper outlines collaborative, incentive-driven solutions to build resilient and sustainable communities.

“Natural disasters have escalated in frequency and severity, exacerbating housing affordability issues across the United States. From 2015 to 2024, the U.S. experienced approximately 190 billion-dollar disasters, resulting in over $1.4 trillion in damages and more than 6,300 deaths. This trend, combined with rising rebuilding costs, insurance premiums, and mortgage-related financial pressures, threatens homeowner stability and community resilience. This whitepaper outlines the core problems, key stakeholders, data-driven insights, conflicts, and potential solutions to foster private-sector incentives for building resilient housing ecosystems.”

“Incentives should be favored over regulations to encourage resiliency without imposing burdensome mandates, as market-driven approaches can more effectively promote adoption while minimizing resistance from stakeholders. Consumer education remains essential for widespread adoption, ideally timed during key moments like home buying or insurance renewals to capture attention when individuals are most receptive; however, engagement can vary, underscoring the need for targeted strategies. Ultimately, resilient housing has the potential to stabilize affordability, reduce delinquency risks, and sustain communities in the face of escalating natural disasters.”

LOs and Consumer-Permission Data

Over the weekend I received an “MLO VieauxPoint” from Brian Vieaux, CMB, President & COO of FinLocker & Founding ‘Expert’ of MLO Live, discussing certainty and confidence, and suggesting why consumer-permissioned data is the key to winning first-time buyers.

“For decades, the mortgage industry has emphasized the lender-side benefits of direct-source verification, speed, accuracy, fraud prevention, even potential rep and warrant relief. But what’s often overlooked is the impact on consumers, particularly first-time buyers.

“The 2025 Homebuyer Report, published by Truework highlights that more than 60 percent of first-time buyers feel overwhelmed before they even start the process. Nearly half still believe a 20 percent down payment is required, and many are unsure if their income will ‘qualify.’ That uncertainty leads to hesitation, misinformation, and delayed action.

“This is where consumer-permissioned data changes the equation. Platforms like Truework allow borrowers to securely connect their payroll and financial data, giving them clarity well before application. The benefits go beyond operational efficiency and include higher completion rates, faster verification turnaround times, faster closings, and most importantly, greater borrower confidence.

“Pair this with readiness tools like FinLocker’s KeySteps, and early-journey buyers can see their verified income, assets, and credit profile in real time, transforming anxiety into actionable plans. The payoff is clear. J.D. Power data shows borrowers who engage with lenders early report 71-point higher satisfaction, 80-point higher trust, and are 133 percent more likely to return for repeat business.

“The battleground for borrowers is moving further up the funnel. Lenders who show up early, with tools that build certainty and trust, will win not only today’s transaction but also long-term loyalty. The future of mortgage won’t be decided at the closing table, it begins the moment a renter first asks, ‘Could I buy a home?’ Read the full article here.” Thank you, Brian! #VieauxPoint

Capital Markets

As autumn begins, Treasury yields hover near the top of their range since the Fed cut rates: the 10-year yield is up 10-basis points since the September 17 cut, not to mention 42-basis points higher since the Fed first cut rates to begin the easing cycle over a year ago. Of note: the Optimal Blue 30-year mortgage rate has also climbed 19-basis points over that period.

One would think that the Fed’s market view would be further clarified this week with remarks from 14 Fed officials, including Chair Powell (today). Atlanta Fed President Bostic and St. Louis Fed President Musalem expressed skepticism to open the week about multiple rate cuts by year-end, adding a hawkish tone, while newly-appointed Fed Governor Miran offered a stark contrast, suggesting that the appropriate fed funds rate is nearly two percentage points lower than current levels.

Miran’s dovish stance failed to influence market sentiment in a trading session that was largely muted and devoid of notable economic data. With little economic data on tap this week and a visibly divided FOMC (yes, it was 11-1 in favor of a 25-basis points cut, but a third of members project no further cuts in 2025), the rates market remains exposed to shifting technicals, political developments, and the broader performance of risk assets; we saw to open the week that the safe-haven bid for Treasuries faded. Meanwhile, $211 billion in Treasury auctions this week, all in short-to-intermediate maturities, are expected to proceed smoothly given recent demand patterns.

Today’s economic calendar is mostly about remarks from the Federal Reserve’s Powell and Bowman, as well as the start of this week’s month-end supply. The data started with the Q2 current account deficit and Philadelphia Fed nonmanufacturing.

Later today brings Redbook same store sales for the week ending September 20, final September S&P Global PMIs, Richmond manufacturing and services, Treasury activity that will be headlined by an auction of $69 billion 2-year notes, and the aforementioned Fed speakers. Today is also Class D 48-hours for MBS. We begin the day with Agency MBS prices roughly unchanged from Monday’s close, the 2-year yielding 3.60, and the 10-year yielding 4.13 after closing yesterday at 4.14 percent.